mortgage protection - what insurer is the most flexible

dublin_pete

I was surprised finding out how difficult it is to get mortgage protection cover for our checklist with the mortgage broker with one of the partners having a high BMI, was completely prepared to pay a much higher premium but being uninsurable is a bit of a shock.

Does anybody have experience in the industry and happen to know which provider is the most flexible so don't have to do half a dozen more medical screens? Alternatively has anybody successfully negotiated a waiver with the mortgage provider, maybe using life insurance cover from the employer?

Thanks!

rob316

https://www.boards.ie/discussion/2058289544/mortgage-protection-what-insurer-is-the-most-flexible

Do you have life insurance? We just got it included on our life insurance, way too complex medical history trying to get MP it was a nightmare.

dublin_pete

We have survivor benefit life insurance through work but that explicitly seems to say can't be used as part of a mortgage application unfortunately.

rob316

https://www.boards.ie/discussion/comment/120396345#Comment_120396345

Death benefit? No that can't be used.

You went to an insurance broker ya? If they can't get you something you'll have to try for an exemption from the bank

RINO87

https://www.boards.ie/discussion/2058289544/mortgage-protection-what-insurer-is-the-most-flexible

Worth talking to the folks at Lion.ie

We found them brilliant. Pick up the phone instead of trying to get online quotes

gem898

We had trouble getting brokers to even apply after we got one postponement for MPI. Onelifeinsure.ie managed to get us sorted with Irish Life at the very last minute. It wasn't BMI related but we had 2 postponements and a decline letter before we got that.

Laya is worth a try too. They charge more but don't do a PMA so you'll know pretty much instantly.

Loz Ella

https://www.boards.ie/discussion/2058289544/mortgage-protection-what-insurer-is-the-most-flexible

Hi Pete, I'm in the same boat at the moment - did you get sorted in the end, either with MPI or a waiver from the bank?

Toots

We got a waiver from BOI in 2021 when we went for our mortgage. I’m uninsurable due to my medical history so we were told I needed to get 3 letters of decline and then submit them to the bank to ask for the waiver. Mine is a joint mortgage with my husband and he is the main breadwinner, so ours was fairly straightforward as he is well able to afford the mortgage on his own, so I suppose from the bank’s POV, if I shuffle off the mortal coil tomorrow, they won’t have to worry about him not being able to service the debt alone.

We used Lion.ie for my husband’s MPI and they were very helpful - also very helpful trying their best to get cover for me, even though they did say with my medical history I’d be up against it.